Indonesian sovereign wealth fund Danantara plans to sign an $8 billion engineering, procurement and construction contract with U.S. engineering firm KBR Inc to build 17 modular refineries, according to two sources familiar with the matter and an official economic ministry presentation seen by Reuters.

President Trump said the agreement would partly walk back some of the steep tariffs he threatened on the country last week. Indonesia’s president called Mr. Trump a “tough negotiator.”

Indonesia plans to sign an $8 billion contract with US-based company KBR Inc to build 17 modular oil refineries, according to a government presentation and two sources familiar with the matter, Reuters reported on Monday.

Indonesia plans to sign an $8 billion contract with US firm KBR Inc for 17 modular refineries as part of a new trade deal that lowers US tariffs on Indonesian products.

The two countries reached a trade deal this week that led to a reduction in the threatened U.S. proposed tariff rate to 19% from 32%.

JAKARTA] Indonesian sovereign wealth fund Danantara plans to sign a US$8 billion engineering, procurement and construction contract with US engineering firm KBR to build 17 modular refineries, according to two sources familiar with the matter and an official economic ministry presentation seen by Reuters.

India must avoid verbal, one-sided US trade deals like those with Vietnam and Indonesia, warns GTRI. Calls for written, transparent agreements with mutual benefits.

Indonesia's chief economic minister Airlangga Hartarto said on Monday that a 19% tariff on Indonesian goods entering the United States could come into effect sooner than an August 1 deadline set by U.